In comparison to the struggles the retail space has been having with the blurred lines between digital and physical, the healthcare sector appears to be the throes of a wide embrace of technologies that will alter the way doctors, pharmacies, insurers, and patients connect with each other. The alignment of the Internet of Things -- or in the case of a specific business segment identified by Accenture as the "Internet of Health Things" -- with artificial intelligence that powers "smart search" results provided by Amazon's Alexa or IBM's Watson is already altering the priorities of all facets of the health & wellness industry. To put a dollar figure on what all this change amounts to, Accenture cites an eMarketer's forecast saying the value of IoHT will reach $163 billion by 2020, with a Compound Annual Growth Rate (CAGR) of 38.1 percent between 2015 and 2020. And within the the next five years the healthcare sector is projected to be "number one" in the top 10 industries for Internet of Things app development. As a separate Accenture report notes, the insurance industry is primed for AI.
Healthcare and medical device manufacturers are in a race to see who can create the smartest and most-connected IoT devices first. Capitalizing on the rich real-time data monitoring streams these devices can provide, many see the opportunity to break free of product sales and move into more lucrative digital service business models. According to Capgemini's "Digital Engineering, The new growth engine for discrete manufacturers," the global market for smart, connected products is projected to be worth $519B to $685B by 2020. The study can be downloaded here (PDF, 40 pp., no opt-in). In the gold rush to new digital services, data security needs to be a primary design goal that protects the patients these machines are designed to serve.
To Succeed in the Digital Economy, Health Organizations Must Tap Digital Models That Place People First and Scale Expertise to Meet Demand, Accenture Report Finds Annual outlook predicts five converging digital trends that will shift how healthcare applies key innovations LAS VEGAS; June 16, 2016 – To succeed in the digital economy, health organizations will need to place people first and adopt strategies to scale expertise to meet changing demand, according to an annual report by Accenture (NYSE: ACN) released at the annual America's Health Insurance Plans (AHIP) Institute & Expo in Las Vegas. The industry report, Accenture Digital Health Technology Vision 2016, identified five digital forces that [Accenture predicts] will converge over the next three to five years to reshape healthcare delivery: Intelligent Automation; The Liquid Workforce; The Platform Economy; Predictable Disruption; and Digital Trust. The five digital forces Accenture identified and their likely impact on the healthcare industry are described below. The Digital Health Tech Vision 2016 from accenture Intelligent Automation According to Accenture, the health industry will increasingly embrace intelligent automation--powered by artificial intelligence (AI), robotics and augmented reality – to streamline basic tasks, such as collecting patient intake data, enabling clinicians to focus where their training and experience have the greatest value. Significant investments in intelligent automation are already underway, as Accenture's survey found that roughly seven in 10 health executives are investing more in machine learning and AI-related technologies than they were two years ago.
The single most important thing that a medical team does before a surgery is cleaning the tools. Fully functional and clean instruments are critical to successful outcomes. Without adequate cleaning, patient safety is at risk. The same is true for your digital operations. As organizations prepare to forge into a future with artificial intelligence (AI), they must also "clean" their tools--that is, their processes and data.
Accenture identified five forces that would likely have an impact on the healthcare industry now. These forces, which it said will converge in three to five years, include: intelligent automation; the liquid workforce; the platform economy; predictable disruption; and digital trust. Kaveh Safavi, M.D., J.D., senior managing director of Accenture's health practice, said with these five forces, the health industry will increasingly tap digital technologies to augment human labor, personalize care and free up time to focus on where they are needed most. "The outcome of a people-first, digital health strategy is that it liberates the healthcare workforce to focus on more meaningful work that requires judgment and personal interaction," he said. According to the industry report, "Accenture Digital Health Technology Vision 2016, the health industry will increasingly embrace intelligent automation--powered by artificial intelligence (AI), robotics and augmented reality – to streamline basic tasks, such as collecting patient intake data, enabling clinicians to focus where their training and experience have the greatest value.